BENGALURU: India’s domestic e-tailer Flipkart has raised $3.6 billion in funding led by financial investors GIC, Canada Pension Plan Investment Board (CPP Investments). SoftBank Vision Fund 2 and walmart, Sovereign Funds DisruptAD, Qatar Investment Authority, Khazana National Berhad, and with investments from marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global. Flipkart is valued at $37.6 billion after the investment.
Kalyan Krishnamurthy, CEO flipkart group“This investment by leading global investors reflects their belief in the promise of digital commerce in India and the capabilities of Flipkart to maximize this potential for all stakeholders. We will focus on accelerating the growth of millions of small and medium Indian businesses, including grocery, as we serve our consumers. We will continue to invest in new categories and leverage India-made technology to transform consumer experiences and develop world-class supply chains.
This investment reflects global investor confidence in digital commerce in India, which has continued to grow over the past year when secure access to products and convenience were prioritized. With this development, Flipkart will continue to invest deeply in people, technology, supply chain and infrastructure to meet the needs of the rapidly growing consumer base in India. A key focus area for Flipkart is to help the informal commerce sectors leverage the power of technology. Through its expanded grocery and last mile delivery programs, it will also work with kiranas to help them digitize and grow.
“Asia’s domestic consumption has been one of the key investment themes for CPP investments. We are confident that India will be a major source of global growth in the coming decades, supported by positive demographics, a growing middle class and deep penetration of the Internet ,” said Agus Tandiono, Managing Director and Head of Fundamental Equities Asia, CPP Investments. “This investment in Flipkart builds on our program to provide long-term capital to industry leaders. We are committed to developing India’s e-commerce market. I look forward to supporting Flipkart’s efforts.”
Lydia Jet, Partner, Lydia Jet said, “SoftBank’s re-investment in Flipkart is driven by our experience and conviction in the company’s management team to meet the needs of the Indian consumer for decades to come.” softbank investment advisor, said. “As one of the largest Asian eCommerce investors from our platform, SoftBank has a broad lens on the fundamental trends shaping digital commerce in the region. The opportunity to meet consumer demand for high-quality selection at affordable prices and a young population make online consumption critical to India’s pursuit of a ‘$5 trillion economy’ that Flipkart’s growth story is enabling,” Jet he said.
“Flipkart is a great business whose growth and potential mirror those of India as a whole – so we invested in 2018 and we continue to invest today,” said Judith McKenna, President and CEO – Walmart International. “Kalyan and the team have put the Indian customer at the center of everything and have continued to innovate in the categories and services that Indian customers want most, creating new jobs and growth for Indian entrepreneurs and their accompanying small businesses. Opportunities arise. The quality and valuation of the investor group announced today reaffirms the global belief in Flipkart and its mission to transform commerce in India.
Kalyan Krishnamurthy, CEO flipkart group“This investment by leading global investors reflects their belief in the promise of digital commerce in India and the capabilities of Flipkart to maximize this potential for all stakeholders. We will focus on accelerating the growth of millions of small and medium Indian businesses, including grocery, as we serve our consumers. We will continue to invest in new categories and leverage India-made technology to transform consumer experiences and develop world-class supply chains.
This investment reflects global investor confidence in digital commerce in India, which has continued to grow over the past year when secure access to products and convenience were prioritized. With this development, Flipkart will continue to invest deeply in people, technology, supply chain and infrastructure to meet the needs of the rapidly growing consumer base in India. A key focus area for Flipkart is to help the informal commerce sectors leverage the power of technology. Through its expanded grocery and last mile delivery programs, it will also work with kiranas to help them digitize and grow.
“Asia’s domestic consumption has been one of the key investment themes for CPP investments. We are confident that India will be a major source of global growth in the coming decades, supported by positive demographics, a growing middle class and deep penetration of the Internet ,” said Agus Tandiono, Managing Director and Head of Fundamental Equities Asia, CPP Investments. “This investment in Flipkart builds on our program to provide long-term capital to industry leaders. We are committed to developing India’s e-commerce market. I look forward to supporting Flipkart’s efforts.”
Lydia Jet, Partner, Lydia Jet said, “SoftBank’s re-investment in Flipkart is driven by our experience and conviction in the company’s management team to meet the needs of the Indian consumer for decades to come.” softbank investment advisor, said. “As one of the largest Asian eCommerce investors from our platform, SoftBank has a broad lens on the fundamental trends shaping digital commerce in the region. The opportunity to meet consumer demand for high-quality selection at affordable prices and a young population make online consumption critical to India’s pursuit of a ‘$5 trillion economy’ that Flipkart’s growth story is enabling,” Jet he said.
“Flipkart is a great business whose growth and potential mirror those of India as a whole – so we invested in 2018 and we continue to invest today,” said Judith McKenna, President and CEO – Walmart International. “Kalyan and the team have put the Indian customer at the center of everything and have continued to innovate in the categories and services that Indian customers want most, creating new jobs and growth for Indian entrepreneurs and their accompanying small businesses. Opportunities arise. The quality and valuation of the investor group announced today reaffirms the global belief in Flipkart and its mission to transform commerce in India.
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